Diversity key to businesses thriving in future

Although business confidence in New
Zealand is growing, now is not the time to sit back and
relax, as the global war for talent and an aging workforce
threaten to stop small and large businesses alike from
thriving in the future.

Businesses are starting to pay
much more attention to their long term sustainability, and
creating diversity across the organisation to combat the
major challenges of attracting, recruiting, retaining and
developing the best talent.

It’s an issue that the
Sustainable Business Council (SBC), and many of its member
companies are focused on.

Sustainable Business Council
Executive Director, Penny Nelson, says that a lack of
diversity across a workforce - among other factors - can
lead to a shortage of fresh ideas and retained intellectual
capital, dangers to the longevity of any
business.

“Making sure there’s a good mix across age,
gender, experience and ethnicity expands the talent pool,
contributes to new thinking and creates a culture where
everyone within the business, and the business itself, can
thrive,” she says.

“We believe our Social Role of
Business project assists our member companies to develop
skills and resources to establish positive, productive and
lasting employment relationships.”

For SBC member
company BNZ, diversity is about creating a culture that
unleashes the potential of each individual within its
workforce, which it believes provides the business with a
distinct competitive advantage.

As part of a broader
diversity agenda packed with practical initiatives, BNZ
undertook an audit last year into the ageing nature of its
workforce and the risks associated.

BNZ CEO, Anthony
Healy, says that what the bank found was pockets within the
organisation which had a concentration of older
employees.

“The potential loss of knowledge and
industry fluency was frightening.

“This review and
reporting on our talent pipeline and succession planning
gave us a strong case to implement a pilot programme around
our mature workers,” says Mr Healy.

“The pilot
programme began in February this year and is based around
helping mature BNZ employees plan for the next phase in
their lives.

It takes a holistic view of the mature
employee and considers their identity, financial
aspirations, career, health and relationships as part of
their employment agreement with the bank.

The results of
the pilot will help us with how we work as an organisation
and how we work with employees across all stages of
life.”

Also this year, BNZ has undertaken its Te Pihinga
Māori cadetship programme as part of its diversity focus.
It has seen 12 talented Māori from across New Zealand begin
six month cadetships within their own communities, and has
been deemed a huge success for the bank.

Mr Healy says
that a career in banking is often misperceived among Māori
and, as such, the bank struggles to find Māori candidates
interested in applying for jobs. The cadetships are going
some way to changing that perception.

“And we have 12
passionate and dedicated staff members bringing important
perspectives, knowledge and networks into our organisation,
which has been invaluable.”

An added benefit for other
SBC members, and all other businesses, is a free resource
BNZ has put together to share what it has learned through
its study of its own diversity.”

“We hope other
businesses join us in making a conscious investment in
encouraging each and every New Zealander to perform at their
best in their own way, a key driver of a high performing
economy,” says Mr Healy.

Penny Nelson says BNZ’s
approach is a great demonstration of a business taking the
lead in addressing societal issues and creating a more
sustainable business for the
future.

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